Oil prices decline, Brent down 1.5%

Oil rigs

Oil prices declined on Monday, after OPEC+ agreed last week to ease production curbs over the period from May to July.

Under the agreement announced on April 1, 2021, OPEC+ cuts will reach 6.5 million barrels per day starting May, compared to a reduction of 7 million barrels per day in April.

In terms of trading, international benchmark Brent crude was down 1.5% at $63.92 per barrel, at 9 am Makkah time.

West Texas Intermediate (WTI) crude fell 1.4% to $60.61 per barrel.